BENGALURU: Early-stage venture capital firm Accel, best known for its investment in Flipkart, has made an exit from Mumbai-based ed tech startup EduPristine as part of a new financing round in the company. Accel had pumped in around $2 million into the company since 2011 and is expected to have clocked a moderate return of three-four times on its investment.

Kaizen Management Advisors has infused about $8 million in EduPristine along with the US-based DeVry Education group in the latest fund-raise. The nine-year-old firm saw most of the latest funds come in the form of a secondary sale, making way for Accel’s exit. Besides the secondary transaction, the firm has received primary infusion of about $2 million.

A secondary sale is when an existing investor sells shares to a new one but the money does not come into the company.When contacted Anand Daniel, partner at Accel Partners confirmed the development without commenting on the specifics of the deal.

“We enjoyed partnering with the EduPristine team and are happy with the exit they have provided us. We wish them the very best in the next leg of their journey with DeVry and Kaizen,” Daniel told TOI in an emailed response. Angel investors of EduPristine include Mark Mobius — executive chairman of Templeton Emerging Marketing Group and Rajesh Sehgal — senior executive director with the Emerging Markets Group of Franklin Templeton.

“We are looking to expand our user base which is growing over 100% year-on-year and launch a course in the area of healthcare,” Atul Kumar, co-founder of EduPristine told TOI. Mumbai-based investment bank Rainmaker group was the sole advisor to the deal.

At present, EduPristine provides courses on finance, accounting, business analytics, data analytics, digital marketing, among others. It has a user base of about 15,000 individual users which generate 95% of revenues along with a B2B vertical which accounts for rest of the revenues. “We have closed March 2016 with revenues of about $ 8 million and are looking to clock $ 50 million in next three years,” Kumar said.

Recently, Bengaluru-based Byju's raised around $70 million from Sofina, a Belgian fund, and existing investor Sequoia Capital in what is seen as one of the biggest bets on Indian ed-tech company.

Jio’s Rs 2,399 annual plan offers 2GB per day data that costs effectively Rs 200 per month. It also offers unlimited voice and SMS. Airtel and Vodafone Idea’s Rs 2398 and Rs 2399 annual plans, on the other hand, offer 1.5GB per day data along with unlimited voice and SMS